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Non-Tech : Barnes & Noble (BKS)
BKS 6.4900.0%Aug 19 5:00 PM EST
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To: Lane Hall-Witt who wrote (1163)5/13/1999 1:14:00 PM
From: Chuzzlewit  Read Replies (1) of 1691
 
Lane, you cannot do this:

It looked to me like the specialist sat on the ask and pushed the
price down into that buyer's range, rather than making the buyer come up and meet a higher price.

That kind of thing can only occur on the NASD. The NYSE specialist system is an auction, and the specialist cannot trade ahead of other buyers or sellers. A specialist caught doing the kind of thing you suggest would find himself in deep doo-doo very quickly. Check out the NYSE site and look at how they deal with infractions.

TTFN,
CTC
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